TRADING TIPS :
- Forex-Dollar regains ground after Monday’s slide.
- Forex-Euro lower after weak German industrial data .
- Forex- GBP/USD holds steady after U.K. data.
EUR/USD hit session lows of 1.2605 and was last down 0.22% to 1.2625.The euro hit session lows after data showed that industrial output in Germany dropped by 4.0% in August. It was the largest decline since early 2009 and was much worse than forecasts for a fall of 1.5%The euro was broadly lower against the other major currencies on Tuesday as weak German industrial production data added to fears over the outlook for the euro zone economy. The report came one day after data showed that German factory orders fell 5.7% in August, fuelling fears that the euro area’s largest economy is falling into a recession.
USD/JPY was down 0.07% to 108.71, off session lows of 108.39.The yen found support earlier Tuesday after Japanese Prime Minister Shinzo Abe voiced concerns over the impact of a weaker yen on the economy. The Bank of Japan left monetary policy unchanged at the conclusion of its two day policy meeting earlier, but acknowledged that declining domestic demand as a result of a sales tax increase in April is leading to economic weakness.The Bank of Japan left monetary policy unchanged at the conclusion of its two day policy meeting earlier Tuesday, but acknowledged that declining domestic demand as a result of a sales tax increase in April is leading to weakness in production.
1. Buy EUR/USD Above 1.2615-TG:1.2635/1.2665 SL 1.2585
2. Sell EUR/USD Below 1.2582-TG:1.2562/1.2532 SL 1.2615